Welcome to the Frontpage

Free SHS will ensure equitable distribution of wealth - President

President Nana Addo Dankwa Akufo-Addo has said that government’s free Senior High School (SHS) programme is a way of ensuring that wealth accrued from the natural resources of the country is distributed equitably.

“We have chosen to invest in the future of our youth in our country. We have decided to use the proceeds from our natural resources to help educate the population to drive our economic transformation. The most equitable and progressive way of using these revenues is to educate and empower our population to strengthen our nation’’.

We have a sacred duty to our children and other generations beyond in ensuring that irrespective of their circumstances, their right to education is preserved. That is why my government has decided to absorb all Senior High School fees that have been agreed between the Ghana Education Service Council and Conference of Heads of Assisted Secondary Schools,” President Akufo-Addo said at the launch of the programme in Accra yesterday.

While admitting that the policy may face some challenges on the way, he maintained that his government will remain committed to the programme to ensure it does not fail.

“I want every Ghanaian child to attend Secondary school not just for what they learn in books, but for the life experiences they get. We may falter, but by the Grace of the almighty God we shall not fall,” he assured.

The president further advised the beneficiary students to be studious and disciplined in order to progress and become useful citizens so that the entire country will benefit from investing in them.

“Let me use this opportunity to urge the beneficiaries to study and work hard, grow to become responsible citizens. Ghana needs your talents and knowledge,” he added.

The Education Minister, Dr. Mathew Opoku Prempeh, also commenting on the programme said government has demonstrated its seriousness and commitment to the programme by already disbursing 20 percent of the entire fees to the various public schools across the country.

Concerns have, however, been raised by some stakeholders about the sustainability of funding of the programme.

In relation to this, the Institute of Economic Affairs (IEA) Ghana, has suggested to government to increase the 17.5 percent VAT by one percent in order to provide a more sustainable means to fund the programme.

“Given the important nature of this initiative for our country’s sustainable development, we are therefore calling on government to revisit its funding arrangement for this important initiative…We believe that a more sustainable funding should be pursued domestically.

For example, just we did for the NHIS, increasing the VAT rate by say 1 percent and ring-fencing it for exclusive funding of the Free SHS will be very ideal. Domestic tax revenue provides a more stable and predictable source of financing expenditure for important public programmes such as free education”, the IEA said in its mid-year budget review statement.

source: BFTonline

Petroleum prices projected to increase by 14%

The energy sector is likely to witness its first major shock in decades with prices of petroleum products projected to increase by 14 percent before the end of this week, Joy Business has gathered.

Sources say the geometric increase has been necessitated by the continuous hike in crude oil prices on the international market due to the current tropical storms in the United States oil-rich state, Texas.

Known for its pine forest and oil reserves in the southern US, Texas has been buffeted by Hurricane Harvey which has affected its key cities such as Houston and Corpus Christi.

Joy Business sources say the unfathomable amount of rainwater dropped on the two cities has caused the shut down of more than 10 refineries, which produce more than three million barrels of crude a day.

The development has affected orders that should have been heading to some sub-Saharan African (SSA) countries like Ghana, resulting in the return of some petroleum products to the US to shore up demand in that country.

Sources also say the current summer conditions in Europe have doubled the demand for petrol, further impacting the price of crude currently trading at $54 a tonne.

The cumulative effect of the two factors is likely to cause price hikes in petroleum products in Ghana.

Per calculations, a gallon of diesel now selling at ¢18.58 pesewas could go to a little over ¢20, while a gallon of petrol which goes for over ¢18 might go up to ¢21.15 pesewas.

But consumers in Ghana can heave a sigh of relief because of the current policy which gives the power to the over 90 Oil Marketing Companies to set their own prices.

Sources say it is unlikely all the OMCs will increase their prices by the margin, adding the price hike will be for a moment until high demand for crude wanes when winter comes.

Source: myjoyonline

Port Revenue up by 56 per cent – Vice President

The Vice President, Dr Mahamadu Bawumia, has disclosed that revenue at the port increased from GH¢130 million in the first week of September 2016, to GH¢ 213 million in the same period for 2017.

He said the introduction of the paperless technology has as a result tackled inefficiency and corruption at the habour, showing a revenue collection improvement of 56 per cent.

He expressed his heartfelt relief at the outcome to the introduction of the paperless system at the portDr Bawumia said this at the launch of the onboarding programme for 170 National Service Personnel of the National Communications Authority in Accra.

He said people have been shell-shocked as to how quickly they have been able to clear their shipments with beneficiaries not exceeding more than four hours of

clearing their containers as compared to how long it took prior to the paperless system.

He expressed government’s commitment to rid out corruption with the introduction of technology in institutions.

He said government was focused on the digitisation of the economy, with hopes that the transformative impact would help Ghana move in a positive direction towards attaining competence in the economic environment.

He added that government would launch a paperless address system in locating streets, offices and residential places in the next two months.He said that government seeks to solve the inadequacies with regards to the nation’s appalling address system with the introduction of a Global Positioning System (GPS) and postal code system with the support of Ghana Post.

He said it would be so effective that even if one is located on the river, with the GPS address system in place, such a person would be easily located.

Source: GraphicOnline

2018 World Cup Qualifier: Congo to arrive in Ghana on Wednesday

Ghana’s World Cup qualifier opponent, Congo will arrive in the country on Wednesday ahead of their encounter on Friday at Baba Yara Stadium.

The Red Devils of Congo announced their squad to face the Black Stars last week in the 2018 FIFA World Cup qualifier double-header with the return leg in Brazzaville four days later.

Head coach Sébastien Migné has included four home-based players in his squad.

Foreign-based stars like Thievy Bifouma (Osmanlispor, Turkey) and Fabrice Nguessi Ondama (Wydad Casablanca, Morocco) have also been included in the squad.

My success or failure will hinge on job creation - Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has said that the success or failure of his administration hinged greatly on the ability of government to create jobs for the teeming youth of Ghana.

“I do not need to repeat that the greatest challenge we face is the creation of jobs. Young people are very anxious about not finding jobs, and their parents are even more anxious about the future of their children after seeing them through school,” he said.

President Akufo-Addo who was speaking at his maiden interaction with the media at the Flagstaff House in Accra on Tuesday said: “I am well aware that the success or otherwise of my administration will be judged largely on job creation.”

He said though he inherited an economy in distress, the measures that his administration had put in place over the last six months would soon

stimulate the economy and that the dividends would be manifest in the number of jobs that would be created as a result of those interventions.

The event enabled the President to render to Ghanaians, an account of his stewardship for the past six months, and to harness support for the initiatives he had espoused to change the socio-economic fortunes of Ghana.

President Akufo-Addo said a number of innovative interim packages had been instituted to help new entrepreneurs traverse the difficult early stages of setting up businesses, as well as the allocation of an amount of $100 million dollars as government’s contribution to support the establishment of the district enterprises, one-District-one-Factory that would generate many jobs.

Government last week launched the National Entrepreneurship and Innovations Plan (NEIP) which is an innovative scheme, under the Business Development Ministry, committing $10 million of public funds which is expected to be leveraged into $100 million from private sources to back the plan, that would help start-up businesses.

The President said an additional amount of $340 million had been leveraged from local financial institutions for the programme, with a further $2 billion, arranged a Suppliers Credit Facility from China to provide equipment, machinery and other facilities in support of the programme.

“It is now clear that this programme is destined to succeed,” he said.